Re: foreclosure
Posted by Julio Martinez-Clark on December 26, 2007 at 21:16:25:
In Reply to: Re: foreclosure
Posted by maru on December 26, 2007 at 13:08:53:
Hi maru,
In order to find out the risk of your credit being affected by you signing the
mortgage documents, I'd call the lender and ask if you are in their system
or not. It's very likely that you are not in their system and your credit will
not be affected since you probably didn't sign the mortgage application nor
volunteered your social security number, nor you didn't sign the promissory
note - I infer by your post that you only signed the mortgage agreement. In
every closing that involves financing through a lender, the buyer signs two
documents: The promissory note establishing the borrower's obligation to
pay and the mortgage agreement in which the borrower/buyer/owner of
the home places the property as a collateral of the loan. The mortgage
credit was extended probably to your husband only and at the closing you
had to sign the only the mortgage agreement because you are the legal
spouse and by law in almost all states, a husband can't hypothecate a
property without the wife's consent and vice versa.
In regards to a deficiency judgment, if the situation above is correct and
you didn't sign the promissory note (you only signed the mortgage
agreement), then you don't have to worry about a deficiency judgment.
It's never advisable to have any type of properties under your own personal
name. In order to have privacy protection, asset protection against liability
(lawsuits, etc), and to avoid probate, the recommendable approach is to use
some type of asset protection technique such as the use of land trusts, etc.
Every financial knowledgeable person should have this in my opinion. Land
Trusts and other asset protection vehicles are widely used by wealthy
individuals and by people educated in personal finance matters.
Unfortunately very few people know about asset protection; one of the
reasons is that attorneys need to see assets in the name of uneducated
individuals so that the attorneys can seize them after they get judgments
from the courts. See the link below to learn more about Land Trusts.
I hope this helps,
www.JulioMartinezClark.com
Follow Ups:
- Re: foreclosure - maru 06:39:29 12/27/07
(3)
- Re: foreclosure (url) - Julio Martinez-Clark 08:25:34 12/27/07
(0)
- Re: foreclosure (url) - Julio Martinez-Clark 08:24:57 12/27/07
(1)
- Re: foreclosure - maru 11:44:24 12/27/07
(0)
